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local case study
United StatesFern Solar Project, located in Edgecombe County, North Carolina, reached commercial operation on December 11, 2020. With a capacity of 100MWac, Fern Solar is BayWa r.e.’s inaugural IPP solar project for the US.
This project provides clean electricity to six big-brand businesses through the creation of an unprecedented contract structure. Fern Solar is an excellent example of large companies and local communities coming together to create mutually beneficial outcomes.
In a first-of-its-kind agreement, Fern Solar Project brought five global brands together for a joint 42.5-megawatt renewable energy deal. This group of companies, coming together as the Corporate Renewable Energy Aggregation Group, was facilitated by LevelTen Energy, and included Bloomberg, Cox Enterprises, Gap Inc., Salesforce, and Workday. The unique structure of this virtual power purchase agreement (VPPA) created a new blueprint for mid-size organizations seeking to procure smaller amounts of renewable energy while maximizing value and reducing risk.
Tax equity for the project was secured through RBC Capital, which syndicated an investment commitment, and construction and permanent debt from Rabobank and Banco Sabadell.
"We’re excited to ‘r.e.think’ energy and deliver progressive solutions into a rapidly growing market that will continue to thrive as we see the increasing implementation of utility-scale solar together with storage,” says Fred Robinson, CEO of BayWa r.e. Solar Projects.
At BayWa r.e., we value long-term partnerships and work closely with local communities and organizations to fund workforce development trainings and scholarship programs, support natural disaster relief efforts, and integrate sustainability and biodiversity measures into our project plans. We believe in transparency, good communication, and active community involvement in shaping, building, and maintaining projects.
In North Carolina, BayWa r.e. Solar Projects has an ongoing partnership with The Center for Energy Education (C4EE) and Halifax Community College to fund renewable energy education and training programs, which are made available to local residents free of charge. Participants are equipped with the skillsets to start new careers in utility-scale solar construction, operations, and maintenance, and are encouraged to apply for relevant positions with BayWa r.e upon course completion. BayWa r.e. has also provided in-kind support for a solar installation project at Halifax Community College.
With the support of our partners and community leaders, Fern Solar will continue providing local job opportunities for decades to come.
The Fern Solar Project would not have been possible without the strategic partnerships between BayWa r.e. and our investors, energy buyers, and community leaders.
